Politics, Legal & Regulation

February 11, 2021 @ 12:33 pm By JD Alois  |  

The Securities and Exchange Commission issued a statement that it has suspended trading in SpectraScience (OTC:SCIE) that was allegedly touted on social media. SpectraScience is delinquent in its reporting and has not filed reports since 2017. The SEC states that the phone number on the… Read More

February 10, 2021 @ 11:13 pm By Omar Faridi  |  

A new United Nations inquiry into the reported theft of $281 million in crypto-assets from  KuCoin, a major digital currency exchange, in September 2020 “strongly suggests” links to North Korea. Industry participants claim that Seychelles-headquartered KuCoin could be the victim of one of the largest… Read More

February 10, 2021 @ 9:10 pm By JD Alois  |  

The US Department of Treasury hosted the U.S. Financial Sector Innovation Policy Roundtable the past two days. Policymakers and regulators, as well as members of the private sector, participated in the meeting to discuss policy issues surrounding Fintech and innovation “fostering economic recovery, competitiveness, and financial… Read More

February 10, 2021 @ 2:07 pm By JD Alois  |  

Earlier today, the Resolution Foundation published a report called On firm ground? The impact of Covid-19 on firms and what policymakers should do in response. The report seeks to assess the current state of corporates while setting out priorities for policymakers to allow enable firms… Read More

February 10, 2021 @ 11:29 am By JD Alois  |  

Speaking about the ongoing digital transformation of financial services the Chairman of the French Autorité des Marchés Financiers (AMF), Robert Ophèle, commented on the emergence of crypto assets (digital assets) for both non-securities and securities. Ophèle first noted the ongoing COVID health crisis has helped… Read More

February 10, 2021 @ 10:58 am By JD Alois  |  

The UK National Crime Agency (NCA), working in concert with the US Secret Service, Department of Homeland Security, Federal Bureau of Investigation, and Santa Clara DA’s Office, have arrested eight men, aged 18 to 26, in England and Scotland in regards to SIM Swap hacks… Read More

February 9, 2021 @ 10:43 pm By Omar Faridi  |  

A new study by Fenergo, provider of digital transformation, customer journey and client lifecycle management (CLM) software, has revealed that Malaysia ranked the highest for data privacy fines in the Asia-Pacific (APAC) region. Fines from Malaysian authorities totaled nearly $4 billion this past year. Neighboring… Read More

February 8, 2021 @ 11:10 pm By Omar Faridi  |  

The US State of Nevada will reportedly be allowing tech giants to launch their own governments in order to collect taxes, establish school districts and courts as well, presumably in an attempt to attract more large firms. The very first “smart city’ could be launched… Read More

February 8, 2021 @ 9:04 pm By Omar Faridi  |  

Li Jun, Founder of Ontology and the SAGA Protocol, notes that we’re now living through an “activist period” of data regulation that will most likely dictate how our economies function for “generations to come.” Jun pointed out that most industries have “precedents” for regulation that… Read More

February 7, 2021 @ 8:21 pm By Omar Faridi  |  

Digital investment platform Robinhood is reportedly facing around 30 different lawsuits from traders for shutting down or not supporting GameStop trading. Several groups of Robinhood‘s clients have filed lawsuits against the stock trading service provider. Lawsuits have alleged the firm violated certain laws by imposing… Read More

February 5, 2021 @ 1:01 pm By JD Alois  |  

Recently, the SEC’s Office of the Advocate for Small Business Capital Formation (OASB) shared a presentation outlining the performance of securities exemptions during 2020. The presentation reviewed the utilization of Reg D, Reg A+, and Reg CF as these are the main avenues to raise… Read More

February 5, 2021 @ 10:05 am By Omar Faridi  |  

The US Securities and Exchange Commission (SEC) has been carefully reviewing social media posts, as the federal regulator is looking out for any signs of potential fraud, which may have increased due to the frenzied trading of GameStop and other firms’ shares. The SEC‘s probe… Read More

February 4, 2021 @ 10:50 pm By Omar Faridi  |  

The introduction of Australia’s Consumer Data Right (CDR) laws on July 1, 2020 marked the initial phase of Open Banking in the country, which may improve the services offered by the local banking sector. More than 6 months into CDR and Open Banking in Australia… Read More

February 4, 2021 @ 8:09 pm By Omar Faridi  |  

The Monetary Authority of Singapore (MAS), the nation’s central bank and financial regulator, and the Singapore Exchange Regulation (SGX RegCo) have asked the general public to be on alert to the potential risks that may be involved in trading in securities incited by online discussion… Read More

February 4, 2021 @ 5:34 pm By Omar Faridi  |  

Digital asset exchange Coinbase recently published its Around the Block #11: “A snapshot of decentralized finance (DeFi) and two sides of the crypto regulatory spectrum” (report), which aims to cover important issues in the crypto and blockchain industry. In this latest edition, released on February… Read More

February 4, 2021 @ 5:04 pm By JD Alois  |  

German Finance Minister Olaf Scholz is taking some heat from various politicians as fingers look for somewhere to point blame. Social Democrat Scholz, along with his deputy Joerg Kukies continue to deny responsibility for the collapse of Wirecard AG (WDI.F), a Fintech that was once… Read More

February 3, 2021 @ 9:03 pm By Omar Faridi  |  

NPR’s Ailsa Chang recently covered the US Securities and Exchange Commission’s (SEC) expected role in conducting an investigation into the Reddit / social media takeover of Wall Street. SEC Acting Chair Allison Herren Lee commented on the agency’s role in looking into the matter. The… Read More

February 3, 2021 @ 12:11 pm By JD Alois  |  

FINRA’s 2021 Report on Examination and Risk Monitoring Program mentions several current topics including digital assets and “game like” trading. According to the report, Exam Findings regarding digital asset trading has uncovered shortcomings when it comes to investors using digital asset marketplaces. To quote the… Read More

February 3, 2021 @ 11:50 am By JD Alois  |  

Last month, the Luxembourg parliament approved legislation that enables securities to be issued and managed using distributed ledger technology or blockchain. According to CMS Luxembourg the law: Modernizes the Luxembourg law of 6 April 2013 on dematerialized securities (the “2013 Law”) by inserting a definition… Read More

February 2, 2021 @ 10:16 pm By Omar Faridi  |  

Bengaluru-based Simpl, a company that aims to make money simple, so that people can “live well and do amazing things,” has noted that the recent India budget appears to be focusing on the “revival” of inclusive economic growth and an “expansionary fiscal policy that prioritized… Read More